This Is Why We Regret Our Money Choices (2240)

Wealth begins where awareness grows. In today’s eye-opening episode, Kevin and Alan break down where your money’s actually going and why awareness, not income, is the real flex. Using the Next Level Wealth Builder, they turn numbers into clarity, showing how small leaks sink big dreams. It’s funny, it’s humbling, and it just might change the way you see every dollar. Money doesn’t manage itself; legends do. Tune in, face the truth, and start building wealth that sticks.

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🎁 Your first 30-minute "Business Breakthrough Session" call with Alan is FREE. Designed to help you reverse-engineer success with clarity and confidence - https://calendly.com/alanlazaros/30-minute-breakthrough-session

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For more information, check out our website and socials using the links below. 👇

Website 💻  http://www.nextleveluniverse.com

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Email 💬
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Alan: https://www.linkedin.com/in/alanlazarosllc/

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Show notes:
(2:55) Why the cost of living really matters
(6:00) Kevin’s first decade of income
(9:42) The power of awareness over earnings
(10:16) Why wealth isn’t about how much you make
(12:44) Outro

🎙️ Hosted by Kevin Palmieri and Alan Lazaros

Next Level University is a top-ranked daily podcast for dream chasers and self-improvement lovers. With over 2,100 episodes, we help you level up in life, love, health, and wealth one day at a time. Subscribe for real, honest, no-fluff growth every single day.

Chapters

• 2:55 Why the cost of living really matters
• 6:00 Kevin’s first decade of income
• 9:42 The power of awareness over earnings
• 10:16 Why wealth isn’t about how much you make
• 12:44 Outro

Transcript

Kevin Palmieri

(0:00) You ever gotten to the end of the year and said, I made X amount of dollars and I don't know where any of that money has gone. (0:06) That is what we're talking about today.

Alan Lazaros

(0:09) I take people through something called the next level wealth builder and we go all the way back and we reflect on your relationship with money, where it went, how much you made. (0:19) Super powerful. (0:20) Welcome to Next Level University.

Kevin Palmieri

(0:23) I'm your host, Kevin Palmieri. (0:24) And I'm your co-host, Alan Lazarus. (0:27) At NLU, we believe in a heart driven, but no BS approach to holistic self-improvement for dream chasers.

Alan Lazaros

(0:34) Our goal with every episode is to help you level up your life, love, health, and wealth.

Kevin Palmieri

(0:40) We bring you a new episode every single day on topics like confidence, self-belief, self-worth, self-awareness, relationships, boundaries, consistency, habits, and defining your own unique version of success.

Alan Lazaros

(0:56) Self-improvement in your pocket every day from anywhere, completely free. (1:03) Welcome to Next Level University.

Kevin Palmieri

(1:09) Next Level Nation today for episode number 2240, we are going to go through the next level financial journey. (1:15) What is it called? (1:16) The next level wealth builder.(1:18) That financial journey, close, for me and how I probably pissed away all of my money over the course of my 36 years of life.

Alan Lazaros

(1:31) It's funny you use that word. (1:32) I really have to go to the bathroom. (1:34) We're going to keep going.

Kevin Palmieri

(1:34) I'm not kidding.

Alan Lazaros

(1:35) I do have to go, but we're going to keep going. (1:36) All right. (1:37) So I've taken many clients through this.(1:39) If you have not yet done a free session and you want to go through this, we can do it. (1:43) Just reach out, email me, say next level wealth builder, free 30 minute session. (1:47) Do I need a calculator handy for this?(1:49) I know this is going to be a quick episode. (1:50) Yes, you do. (1:50) I need a calculator handy.(1:51) Yes.

Kevin Palmieri

(1:52) Okay. (1:52) I'm prepared.

Alan Lazaros

(1:54) So I'm going to share a story with a client briefly, then we're going to do this with Kev. (1:57) All right. (1:57) So here's what we do.(1:59) Everyone out there watching and listening, try to follow along with this and do this for you. (2:02) We're not here to talk about Kev. (2:03) We're here to, I want you thinking of yourself.(2:06) All right. (2:08) Everyone think of Kev. (2:10) When is the first year?(2:11) So I'm going to coach you live. (2:13) What is the first year that you made money?

Kevin Palmieri

(2:18) 17.

Alan Lazaros

(2:21) You sure? (2:23) It doesn't have to be, I mean, anything under the table, anything earning money at lemonade stand, anything? (2:28) No, I was not a natural born entrepreneur.

Kevin Palmieri

(2:30) Thank you very much. (2:31) No, I would say lemonade stand for the kid. (2:33) Fuck no.(2:34) Oh, okay. (2:35) No. (2:36) Why do I want to make a lemonade stand?(2:38) I'm going to go inside and play MLB hits or something. (2:42) No, not lemonade stand outside, but in the, in the heat. (2:45) Yeah.(2:45) I would say probably seven to gas station, I think was the first thing for me. (2:48) Okay.

Alan Lazaros

(2:49) How much did you make per hour now for our global listeners? (2:52) I really, really need this to be clear. (2:55) I'm going to say this.(2:56) I have a client recently. (2:57) We did her financial snowball and she makes $102,000 gross, not take home gross per year. (3:04) And she had no idea how good that is.(3:07) And I said in the U S that's only top 10% barely in the globe. (3:14) That's actually top 2%. (3:16) So the point that I'm making here is depending on where you live, the per capita income is completely dependent.(3:23) Cost of living is completely dependent. (3:24) One of my clients, he, he does a lifestyle design stuff and he, he lived in South America for a long time and he could get what, what would cost us Kev 200 bucks. (3:34) He got for 25 bucks.(3:35) So the point I'm making here is put this into your context, all 195 countries on planet earth. (3:41) Every one of them has a different cost of living. (3:43) Kevin and I live in one of the highest cost of living places on planet earth, unfortunately, and fortunately, depending on how you look at it.(3:49) Okay. (3:51) $10 an hour, I think. (3:53) Okay.(3:53) $10 an hour. (3:54) I think so. (3:54) $10 an hour.(3:55) Nice. (3:55) All right. (3:55) So that was what?(3:56) A little bit above minimum wage at the time at the time. (3:58) Yeah. (3:58) Okay.(3:59) All right. (4:00) So 10, how many hours a week did you work back then? (4:05) I was like two, it was probably like 16 hours a week.(4:08) 16 hours a week. (4:09) Okay. (4:09) How many weeks a year?(4:10) There's 52 weeks in a year. (4:11) How many do, and I want everyone to do this. (4:13) If you're out there watching, I would say, just give me, give me 52.(4:16) Okay. (4:16) So, so 10 times 16, 8,320. (4:23) You made $8,320 that year.(4:26) Give me where you think that went. (4:28) Give me like one, one. (4:30) Where do you think the majority of that went?(4:31) A shit car.

Kevin Palmieri

(4:33) Nice. (4:34) Done. (4:34) Yeah.(4:34) Cool. (4:34) What kind of car? (4:35) Uh, it was a Mustang.(4:37) Cybertruck. (4:38) I'm fucking with you. (4:38) No, I couldn't afford it.(4:39) All right. (4:41) Uh, they didn't exist. (4:42) That's fair.(4:43) And what year was this? (4:44) Uh, that would be, I was 17. (4:47) So that would be 19 years ago.(4:51) 2006? (4:52) 2006.

Alan Lazaros

(4:53) 2006. (4:54) Whoa. (4:55) Yeah.(4:55) Yeah. (4:56) Okay. (4:56) So in 2006, Kevin Palmieri made about $8,320 and spent most of it on a car.(5:02) Yes. (5:03) Cool. (5:03) All right.(5:04) Next year.

Kevin Palmieri

(5:04) What do we got? (5:05) Next year? (5:06) We, it would probably be the same, um, 2006, 2007.(5:11) Give me, give me the same. (5:13) You're in high school. (5:13) You're playing baseball.(5:14) Where are you? (5:14) Give me the same.

Alan Lazaros

(5:15) Give me the same. (5:16) And by the way, where were you working? (5:18) That was at Helen's.(5:19) Okay. (5:19) So gas station. (5:20) Gas station.(5:21) 17. (5:22) Awesome.

Kevin Palmieri

(5:23) Multiply that number by two because it was the same thing for the, for the next year. (5:29) It was the same, exact same. (5:30) Okay.

Alan Lazaros

(5:30) Now you're, now you're 19 years old. (5:33) Where are you working? (5:33) Full-time at Helen's.(5:35) Okay. (5:35) Okay. (5:36) Do you get a raise?(5:37) I got a raise. (5:37) Nice. (5:38) 11, $12 an hour.(5:39) Ooh, 12. (5:41) And I was doing 40 hours a week. (5:42) Nice.(5:44) So you were making 25 G's a year. (5:48) There's no way. (5:50) Yeah.(5:51) Paid time off. (5:52) It's not like you, you don't actually work 52 weeks a year. (5:55) Nobody does.(5:56) Oh, you think I was fucking taking vacations?

Kevin Palmieri

(5:58) You really have been a workhorse, huh? (6:00) Yeah, man. (6:01) I had to fucking find a way to survive, baby.(6:03) Okay. (6:04) Good for you. (6:05) All right.(6:06) So 25 K. (6:07) Strong one. (6:07) Do I add that?(6:08) Do you want me to add that to the 16? (6:09) Or are you doing that?

Alan Lazaros

(6:13) Yeah, let's do it. (6:14) Let's have you do that. (6:15) I'll do the yearly.(6:16) You do the accumulative. (6:17) Okay. (6:17) So you're looking at 41.(6:19) 41 so far. (6:21) Just round to the nearest thousand for, for the people. (6:23) Will you?(6:24) Okay. (6:24) 41 K. (6:24) Okay.(6:25) All right. (6:25) Now you're eight, uh, you're 20 years old. (6:27) I feel like I did that.(6:29) I did that for another year. (6:30) Okay. (6:31) So add another 25 K to the, to the tally ball and baby.

Kevin Palmieri

(6:34) One, two, three.

Alan Lazaros

(6:35) Okay. (6:35) After that, I worked at a hospital for a year.

Kevin Palmieri

(6:38) You're 21.

Alan Lazaros

(6:39) You lived at where you lived at a hospital. (6:41) You worked at a hospital. (6:42) You're 21 years old.(6:43) Yeah. (6:43) How much did you make?

Kevin Palmieri

(6:45) Oh, I made, I think I made $12 an hour there.

Alan Lazaros

(6:49) Okay. (6:49) 40 hours a week. (6:50) 40 hours a week times 52 weeks a year.

Kevin Palmieri

(6:52) Yep.

Alan Lazaros

(6:53) Nice. (6:54) Another 25 to the tally was 25,000.

Kevin Palmieri

(6:56) Okay. (6:57) I only did that for a year and a half.

Alan Lazaros

(6:59) Okay. (6:59) So give me another, add another 15, add another 12, 5, 12, 5. (7:03) Yep.(7:03) Nice job. (7:04) Okay. (7:05) All right.(7:05) Now you're 23 years old.

Kevin Palmieri

(7:07) I do and a half, but let's call it, let's call it 23. (7:10) I did one year as a forklift operator certified and truck driver. (7:15) I made $13 an hour and there was overtime every week.(7:20) So give me, give me $13 an hour and 40 hours and give me 10 hours at time and a half, which would be $20, sorry, $19 and 50 cents.

Alan Lazaros

(7:37) Okay. (7:38) Hold on. (7:39) I'm going to give you two numbers.(7:40) All right. (7:40) So the first one's 27 without overtime. (7:44) Okay.(7:44) And then what was the second number?

Kevin Palmieri

(7:47) Um, it would be time and a half times 10. (7:49) So 13, half of that is six 50, 1950 times 10, $190 and 50 cents times 10 times 52. (7:58) Yep.

Alan Lazaros

(7:59) So that's another 10,000 at another 10. (8:01) Okay. (8:03) So shout out to overtime, an extra 10 grand that year.(8:05) All right. (8:05) You're 24 years old. (8:07) Where are you working?

Kevin Palmieri

(8:07) I was doing a, I was going to the fire academy. (8:11) I left that job. (8:12) I quit that job.(8:12) I quit all these jobs. (8:13) And then I was doing home renovation probably six months. (8:20) It was $15 an hour, 40 hours guaranteed no matter what.(8:24) So 600 bucks a week, 16 plus 16, 16.

Alan Lazaros

(8:28) All right. (8:29) Now you're 25 years old, 25, 25. (8:32) And you got the, I got the big boy job.(8:34) Yeah. (8:35) Talk to me.

Kevin Palmieri

(8:35) This is where it gets fucking wonky because it was all different. (8:38) I think the first year I think I made 60,000. (8:47) Okay.(8:47) I think it's fair. (8:48) Do you still have the number? (8:49) What's the cumulative so far?(8:50) A one 56, five. (8:52) Okay. (8:52) Add 60,000 to that.(8:53) It's going to be a disappointing number. (8:54) Honestly. (8:55) I thought I made more money in my life than this.

Alan Lazaros

(8:57) I do feel like we're screwing this up potentially, but that's okay. (9:00) Well, normally for the listeners and viewers, we do this in a spreadsheet. (9:03) Yeah.(9:04) And it's not live on a podcast. (9:06) So there's, there's time to think. (9:07) It's awesome, but it's also kind of crazy that we're doing this.(9:10) Okay.

Kevin Palmieri

(9:10) So what did I say? (9:11) 60.

Alan Lazaros

(9:11) Yeah.

Kevin Palmieri

(9:12) I think I, I think I went up, let's say 72. (9:16) All right. (9:16) Add 72,000 to one, two, three.(9:19) All right. (9:20) At this age, what am I? (9:21) 26.(9:23) One more year. (9:25) A hundred K.

Alan Lazaros

(9:27) Nice. (9:28) Add a hundred thousand.

Kevin Palmieri

(9:31) And then the next year, I think I was only there for, this is 2000. (9:36) This would be 2000.

Alan Lazaros

(9:37) Let's call it there. (9:38) We're going to call it there. (9:39) Cause you, that's when you basically got fired.(9:42) And give me next year.

Kevin Palmieri

(9:43) First of all, I fucking left my job. (9:44) How dare you second of all, give me 20,000.

Alan Lazaros

(9:48) All right. (9:49) Add a 20,000. (9:50) Give me 20,000.(9:51) We should be doing this in the spreadsheet. (9:52) Cause how do you know you're actually doing thousands and not $20? (9:55) Did you accidentally add $20?(9:56) No, I'm a G that's okay. (9:58) Talk to me. (9:58) What's the total?(9:59) $408,000, 408,500. (10:02) Okay. (10:02) 408,500.(10:04) Now, if we were to keep going, and this is what I want to land for everybody. (10:08) When you're young, you don't make a lot of money. (10:11) That's by design.(10:12) 80% of this globe's wealth is in the hands of people, 40 and older.

Kevin Palmieri

(10:17) No, that was seven. (10:17) That was 17 to, I mean, that was 10 years. (10:19) No 17 to 27 ish.

Alan Lazaros

(10:21) Exactly. (10:21) So in 10 years, you made 408,000, $409,000. (10:25) Now what you do with that money is going to determine your assets, what you own and don't own interest, credit cards, mortgages, you name it to be continued.(10:34) If anyone wants to learn finance, reach out. (10:36) But ultimately that doesn't include the last 10 years. (10:39) So you're 36 now.(10:42) So we've done way better than that. (10:45) So again, as you get older, you're supposed to be more skilled and more valuable in the marketplace to be continued. (10:50) We definitely have to do a part two.

Kevin Palmieri

(10:52) And you get better with money. (10:53) Again, the point of this was not to, not to show my number again, you know, whatever, we all have our own numbers. (10:58) Those aren't great numbers.(10:59) It's not like, Oh yeah, it's a flex. (11:01) It's more if you sat down and you figured out this is an awareness thing. (11:05) Okay.(11:05) Over the last five years, I made $312,000. (11:10) Where the f- I have $700 in my bank account. (11:13) Where did it all go?(11:14) Just a really good awareness thing. (11:15) It's just a really good self-awareness thing.

Alan Lazaros

(11:17) Very last piece. (11:18) I got to jump to a client. (11:19) I have some clients that are multimillionaires.(11:22) I have some clients that are making $55,000 a year and everything in between. (11:29) And there are some people who make very little, but actually have huge investment accounts and they actually have a, they own properties. (11:37) They're amazing.(11:37) And I have some people who make a shitload of money who have nothing to show for it for sure. (11:42) So the amount is not, I hope if nothing else lands, I know one person who has never, when I knew her, I haven't talked to her in a while, but I remember thinking you're going to be a multimillionaire. (11:52) We calculated this, her average rate of return year over year was 8%, which is pretty conservative, but, but also the middle.(12:01) And we calculated worst case scenario at 6% instead of 8, you're going to have about $10 million by the time you're 45, 50, if things go really South. (12:13) She never made more than $20 an hour. (12:16) That's what I hope lands for people, regardless of the numbers, don't get lost in the sauce.(12:20) You do not have to make a half million a year to be wealthy. (12:24) You have to learn how to be smart with your money to be wealthy. (12:28) And there's books and there's this podcast and there's my coaching.(12:31) And there you, I coach a financial advisor. (12:34) Shout out to you, Bradley. (12:35) If you're listening at the end of the day, being smart with your money matters way more than how much money you make.

Kevin Palmieri

(12:43) Cool. (12:43) All right. (12:43) We got to go as always.(12:44) We love you. (12:45) We appreciate you. (12:45) Grateful for each and every one of you.(12:47) And if you are as committed as you say you are to getting to the next level financially, whatever it is, tune in tomorrow, because we will be here every day to help you get there. (12:54) Keep reaching for your full potential. (12:56) Next elimination.(12:58) Thanks for joining us for another episode of Next Level University. (13:02) We love connecting with the Next Level family.

Alan Lazaros

(13:04) We mean it when we say family. (13:06) If you ever need anything, please reach out to us directly. (13:10) Everything you need to get ahold of us is in the show notes.(13:13) Thank you again.

Kevin Palmieri

(13:14) And we will talk to you tomorrow.